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Manufacturing

First view of how Pensana's rare earth plant will look at Saltend

New visualisation released by inward investor following offtake MoU signing

A new visualisation of the Pensana rare earth pocessing facility that is being built at Saltend Chemicals Park.(Image: Pensana Plc)

A new image showing how the £150 million Pensana rare earths facility will look has been released.

The visualisation, looking south from the A1033 shows the complex chemical engineering facility from where magnet metals will be sourced to feed into the electric vehicle and wind turbine markets.

Moved from an initial site within Saltend Chemicals Park to the front of the former BP industrial facility, the switch was consented by East Riding of Yorkshire Council in May, ahead a ceremonial groundbreaking by Pensana chairman Paul Atherley and now-Chancellor Kwasi Kwarteng in July. It was one of his last acts as Business Secretary.

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The release came after the London-listed firm reached an agreement for the sale of 25 per cent of the proposed production from the plant.

It has signed a memorandum of understanding with an as yet unidentified "non-Chinese major industry player" in the market for the materials that are in high demand in burgeoning green sectors.

Further to the initial announcement to the City, Mr Atherley said it represented an “important step in finalising the financing for the project”.

A total of 125 highly skilled jobs will be created ahead of commissioning.